No Downpayment Mortgage

What it is

Many people have excellent credit and stable income but haven't been able to save up a downpayment for a house.  CMHC and Genworth offer a cashback program through participating lenders that allows you to buy a new home without a downpayment; all you need is 1.5% of the purchase price for closing costs.

How it works

When you purchase a qualifying home the lender makes your 5% downpayment for you using their cashback program.  You then pay this 5% downpayment back over the term of the mortgage in the form of a higher interest rate; typically the banks posted rate.  So in essence you are borrowing your downpayment.

It's a great program to help you get into the house of your dreams sooner.  And it's not limited to new homeowners either, anyone is eligible.  To qualify you must have good credit, stable and provable income and have 1.5% of the purchase price availabe from non borrowed sources.

Got a question about this program?  Contact Us and we'll get you an answer right away; or you can Apply Now to see if you qualify for this program.  Mention in the notes section that you want a Free Down Payment Mortgage.